THE GENERATION TRUST
Report and Accounts
5 April 2024
Charity registration number
502885

The Generatlon Trust
Report and accounts
Contents
Pag•
Trust Inforniation
Report of the Trustees
Independent Examinerfs Report
Statement of Financial Activities
Balance sheet
Cashflow
Notes to the accounts

The Generation Trust
Trust information
Trustees
Reverend D F Mayhew
Mr R J B Marioribanks
Rev8r8nd R F Skinner
Miss M Simpson
Mr T K Young
Mr M Rustad
Dr M M Rustad
Secrntary
Reverend R F Skinner
Charlty numb•r
502885
Princlpal offlce
6 St Lawrence Avenue
Bidborough
Tunbridge Wells
Kent
TN4 OXB
Accountant
Kinnair and Company Limited
Aston House
Redburn Road
Newcastle Upon Tsry)e
NE5 1NB

The Generation Trust
Trustses. report
Introduction
The trustees of The Generation Trust present their report and accounts for the year end8d 5 April 2024.
Objectlves and prlnclpal actlvlty
The charitys objects are the advancement of the Chrfstian religion and the relief of poverty. sickness and
suffering.
Publlc benefit
The charity is a grant making body and dlstributes all of its income and much of th8 reserrfes annually to
charitable organisations working in the UK and ov8rsoas.
The trustees confinn that they have complied with the requlrements of section 17 of the Charltles Act 2011 to
have due regard to the public benefit guidance published by the Charities Commlsslon for England and
Wales.
Grant maklng pollcles
The trustees meet annually to discuss grants and to receive propM)sals from fellow trustees. The relative
merits of each proposal are discussed in depth and agreement reached on the proposals to support. decline
or refer.
Achlevomonts and perfomiance
The trustees made grants of £28,500 during the year. Cash was available to support grant making while
adhering to the reserve policy mentioned below.
A propety with a valuation of £225.000 was donated to the charlty.
Flnancial rnviow
During the year the chaiitys rentsl income increased by £18,903 to £46,229. During the year £225,000 in
donations were received. all of which was a donation of a property to the charity to mak8 available for rental
income in the future.
During the year. the charityls total expenditure decreased by £12,425 to £49,451. This decrease was mainly
due to a decrease in grants made of £25,000, countered by an increase in property repalr costs (£11.114)
and an increase in property rent collection fees (£1.797).
The total of the charitys funds at 5 April 2024 was £755,898
Res8rves policy: The Charity has set a cash resetves amount of £10,000 to cover repairs on the properties.
Plans for future periods
The annual Income of the trust is expected to continue at this level until a prop8ty is sold. Thls should
support annual grant making.
The Trustees continue to review the state of the student letting market in Newcaslle and, in the medium
term, may look to sell the properties thereby releasing funds for further grant making.

The Generation Trust
Trustees. rgport
structure,
ov•rnanco and management
Naturn of govornlng document
The charity is controlled by its governing document. a deed of trust. and is constttuted as an unincorporated
charity. The charlty fomied on 26th October 1973 under a declaration of trust. Charitsble status was
obtalned on 21st January 1974.
Rocrultm•nt and appolntment of trustees
Trustees are appolnted for an indefinite temi and It Is rare that new trustees are appolnt8d. The trust deed
provides that new trusteas be appointed when the number of trustees fa]Is below five.
Inductlon •nd tralnlng of trnste•s
It is the policy of the ¢harlty to provide new trustees wlth a copy of the lastest annual report and accounts and
to meet to discuss the grant making process.
MaJOr￿kS and management ofthose rtsks
Fraud and offor
The trustees have a duty to Identify and review the risks to which the charity is exposed and lo ensure that
appropriate controls are In place to provlde a reasonable assurance against fraud and error.
The investment properties are managed by a propety management agency. Bank balances are held at tsvo
deposlt takèrs and InstruGtions requlre approval by two signatorfes.
R•feren¢o and admlnlstrntlve detslls
The Generation Trust ( the trust, the charity) Is a registar8d chaiity {registration number 502885).
The charity is admlnlstered by a board of trustees who meet together on a regular basis.The trustses appolnt
8 chair annualty. The trustees have also nomlnated one trustse as th8 S￿retary and one as the treasurer.
The registered office of the Charity and details of its prfnciple advisors are shown on page 1.

The Generatlon Trust
Trustees. rnport
statènNnt of trustees. rosponslbllltlos
The tr￿tee8 are respon$lble for preparfng the Iw8tee8' report and the financ￿1 statsm8nts In a¢cordance
Iwlh th8 Unlted lfjngdom Accounting Standards (Unlted Klngdom Generally A¢copted Accwntrng Practice)
and the 0)￿kable1&W and reuwlallons.
The law appll¢able to ¢haribe8 Tequires the trustees to pr¢par8 the finanelal ststements lor èath finan(ial
year Ythich sive 8 true and falr ￿eW ol the state of affairs of the tharity and of the Incoming resources and
application ofre8ource8 01 the charity for that period. In preparing the these fnancial statsments, the trustees
are rewiTed to:
selectsuttable a¢counlng pdkles and apptythem ¢￿81￿tenty,
observe the method8 and Fthaples In th• CharHles SORP;
make judgements and e8timates that are reasonable and pnJden£'
8tote vthether app]IcaNe ao¢ounting Standards have been folkmd, subje¢tto arry materfal depathre
¢thsdosed and explained in the financial 8tatemènts, and
prepare the financial statements on the golng wicem basls unless it f8 Inapproprlate to wesume that the
chaTity Y•ill continue in ￿lneSS.
The I￿Stee5 are re8ponslble for keeplng proper accounlng r6¢0rd5 that thsdoBe rea$(￿ab]e a¢curacrf
at any Ilme th8 financial postlion of the charlty and enable them to ensure that the Ilnand81 statements
comp￿ Thith Ihg Charilie8 Act 2011, the applicable Charitie5 (Acccwnts and Report8) Regulalions , and the
pro￿$10n5 of the cons11￿tiOn. The trustees are also responsible for $8fewardlng th8 assets of the oharity
and hence for tsklng reasonable steps for the praventlon and detscuon of fraud and olher Irregularflle¥.
This reP￿t wa8 approved by the Trust on
.. and slwed on Its bèhalfby:
Mr T Kyoung
Trustee and treasurer

The Generatlon Trust
Independent Examiner's Report
Independent examlneffs report to the Trustees of Tho Goneratlon Trust
I report on the accounts of the Trust for the year ended 5 April 2024, which are set out on pages 6 to 14.
Resp•ctfve responsibiliti•s of the Trust and the examiner
As members of the Trust you are responslble for the preparation of the accounts. The Trustees consider that
an audit Is not required for this year under section 144(2) of the Charities .4ct 2011 ('the 2011 .AcY) and that
an Independent 8xarnination Is needed.
It is my responsibility to:
examine the accounts under section 145 of the 2011 Ac(
to follow the procedures laid down in the General Directions given by the Charity Commissioner (under
section 145(5)(b) of the 2011 Act); and
to stat8 whether particular matters have come to my attentlon.
Basls of thls Independent examlnerfs r•port
My examination was carried out in accordance with the general Direclions given by the Chaiity
Commissioner. That examination includes a review of the accounting records kept by the Trust and a
comparison of the accounts presented with those records. It also indudes considering any unusual items or
disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit, and
consequently, no opinion Is glven as to whether the accounts present a Irue and fair view and the report Is
limited to those matters set out in the statement below.
Independent examlnefs statement
Since the gross income for the year exceeds the amount provided In section 145(3) of the Act, I confimi that
l am qualffied to act as Independent Examiner under the provisions of that section of the Act and that my
qualification is as shown below.
In connection wtth my examination, no matter has come to my attention:
which gives me reasonable cause to believe that in any material respect the requirements
(a) to keep accounting records in accordance with section 130 of the 2011 Act: and
(b) to prepare accounts which accord wlth the accounting records and to comply wlth the accounting
requlrements of th8 2011 Act have not been met; or
to which. in my opinion, attention should be drawn in order to enable a proper understanding of the
accounts to be reached.
Mal L C Mak BSG. Hons. FCA
Chartered Accountant
Kinnair and Company Limited
Chartered Accountants
Aston House
Newcastle Upon Tyne

The Generation Trust
statement of Financlal Actlvltlos
for the year ended 5 Aprll 2024
Total
funds
2024
Total
funds
2023
Unrestrlcted
funds
Notes
Income
Voluntsry income
Other income
225.000
46.229
225.000
46,229
182,500
27,326
Total Incomo
271,229
271.229
209,826
Expendlturn
Raising funds
- Charitable activities
19.388
30.063
19,388
30,063
6,314
55.562
Total •xpendlture
49,451
49,451
61.876
Net income
before investment gains
221.778
221,778
147,950
Net movgment In funds
221,778
221,778
147.950
Total funds brought forward
534.120
534,120
386,170
Total funds carrled forward
755,898
755,898
534.120
The Trust has no recognised gains or losses other than those shown in the Statement of Financial Activities.
All of the activities of th8 Trust are classed as continuing.
All of the activities for both periods are unrestricted.

The Gen•ratlon Trust
Balance Shtrt
as at 5 April 2024
2024
2023
Flx•d assets
Tangknle a￿ets
744,414
519,414
Debtors
Cash at bank and In hand
580
11.7W2
12,372
2,915
12,619
15,534
Cr￿[torS. amounts fallkng due
withln one year
10
1888)
(828)
Not ¢urr•nl assets
11,484
14,706
755 898
Fund•
Unr8strid&d fvnds..
- Genual Fund
755.898
755.898
534,120
534,120
Total TNst ￿nd9
534,120
These accounts were approv￿ bythe Trust8è5
.. and signed on Sts behalf by.
MrT K Young
Tn*teè #nd tre•sur¢r

The Generatlon Trust
Cash Flow Statement
for the year ended 5 Aprfl 2024
Not•s
2024
2023
Cashflows from 0￿rntIng actMtI•s
N•t Gash ouffiow from opgrating actlvltles
11
(827)
(25,735)
Change In cash and cash equlvalents In the reportlng
porlod
<827)
(25,735)
Cash and cash equivalents at 6 Aprll 2023
12.619
38.354
Cash and cash •qulvalents at 5 Aprll 2024
11,792
12,619

The Generatlon Trust
Notes to the Accounts
for the year ended 5 April 2024
1 Accountlng pollcles
Basls of prnparatlon
The financial statements of the charity have been prepared in accordance wth the Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS102) (Charites SORP (FRS102)) and the Charities Act 2011.
The Generation Trust meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are intially recognised at historical cost or transaction value unless othen4vise ststed in the
relevant accounting policy note.
Golng conc•rn
The trustses ass8ss whether the use of going concern is appropriate ie whether there are any
material uncerlainties related to events or conditions that may cast significant doubt on the ability of
the charty to contlnue as a going concem. The trustees make this assessment in respect of a
period of one year from the date of authorisation of issue of the financial statements and have
conduded that the charity has adequate resources to continue in operational existence for the
forseeable future and there are no material uncertalnties about the Charitys ability to contlne as a
going concem. thus they continue to adopt the going concem basis of accountlng In the
preparatlon of the financial statements.
A surnmary of the principal accounting policies. whith have been consistently applied. is set out
below.
Income
Voluntary inGome is recognlsed in the financlal statements vthen tt is received, or on an accruals
basis where it can be assured with reasonable certainty and is receivable by the balance sheet
date. Income tax recoverable on voluntary donations is recognised in the financial ststements
when it is receivable fn)m HM Revenue and Customs.
All other incoming resources are Included in the statement of financial activtti8s on a cash recelved
basis or on an accruals basis vth8re they are assured wth reasonable certainty and recelvable by
th8 balance sheet date.
Expendlture
All expendlture Is recognised once there is a legal or constructive oblIga￿On to the expenditur8, it is
probable that settlement is required and the amount can be measured reliably. All costs are
allocated to the applicable heading that aggregate similar costs to that category. Where costs
cannot be directly attributed to the particular headings they have been allocated on a basis
consistent with the use of the resource.
All resources expended is inclusive of irrecoverable VAT.
Ralslng funds
These are costs incurred in attracting voluntsry income. the management of investments and those
Incurred in trading activities that raise funds.
Charltable actlvitl•s
Charftable exp8nditure comprises those costs incurred by the charfty in the d81iv8ry of its activities
and services for its benffjiciaries. It includes both costs that can be allocated directly to such
activities and those costs of an indirect nature necessary to support them.

The Generation Trust
Notes to the Accounts
for tho year ended 5 Aprll 2024
Grantprovlslons
Provisions for grants are made vthen the intention to make the grant has been communicated to
the recipient but there is uncertainty about either the timing of the grant or the amount of grant
payable.
Govemance costs
These indude the costs attributable to the charivs compliance constitutional and statutory
requirements, induding audit, strategic management and trustee, meetings and reimbursed
expenses.
lffecoverable VA T
Irrecoverable VAT is charged against the category of resources expended for which it was
incurred.
Investmont propertles
Investment propety Is held at fair value, derived from the current market prices for comparable
real estates. adjusted if necessary for any dlfferences in the nature, locatlon or condition of th8
specific asset. Changes in fair value are recognised in the SOF
Trade debtors
Trade debtors are amounts due for sep4ices perfomied in the ordinary course of business.
Trade debtors are initially recognised at the transaction price. They are subsequently measured at
amortised cost using the effective interest method. less provlsion for impaimient. A provislon for
the impainnent Is established when there is objective evidence that charity will not be able to
collect all amounts du8 according to the original temis of the receivables.
Cash and cash eqlvalents
Cash and cash equivalents Comprise cash on hand and call deposits, and other short term highly
liquid investments that are readily convertlble to a known amount of cash and are subject to an
insignificant risk of change in value.
Trade Creditors
Trade creditors are amounts owing for services rendered and are recognised at the intial invoice
value.
Taxation
The Charity is exempt from Income Tax on its charitable activities but is not exempt from Value
Added Tax. Irrecoverable VAT is included in the cost of those items to whlch It relates.
Fund accountlng
Unrestricted income funds are general fvnds tIRt are available for use at the trustees, discretion in
furtherance of the objectives of the charty.
10

The Generatlon Trust
Notes to the Accounts
for the year ended 5 Aprfl 2024
2 Income: Donatlons
2024
Unrestrlcted
2024
Total
2023
Total
Donation of propety
Gift aid
225.000
225,000
170.000
12,500
182.500
225.000
225,000
3 Income: (Xher
2024
Unrnstrlcted
2024
Total
2023
Totsl
Rental incorne
46,229
46.229
46.229
46.229
27.326
27.326
4 Expendiluro on ralslng funds
2024
Unrestrlcted
2024
Total
2023
Totsl
Cost of rent collection
Insurance
Propety repairs
4.529
611
14,248
19,388
4.529
611
14.248
19.388
2.733
447
3,134
6,314
S Expendlturo on charltable actlvltles
2024
Unrestrlctsd
2024
Total
2023
Total
Trustees, expenses
Legal and professional fees
Governance costs
Donations
133
542
133
542
888
28,500
30,063
108
1,126
828
53.500
55.562
28,500
30.063
6 Resourcgs expended: Governance Costs
2024
2023
Accountancy fees
888
828
888
828
11

The Generation Trust
Notes to the Accounts
for the year ended 5 Aprll 2024
7 Grant maklng
2024
2023
Grants approved
28,500
53,500
53,500
Below are detalls of the material grants made to institutions by the charlty.
2024
2023
Name of Institution
Activity
AID South Sudan
Making of Charitsble grants
Arab World Ministries
Making of Charitsble grarrts
Artizan International (prev. Craft Making of Charltable grants
Christian Books Worldwide
Making of Charitable grants
Coffee Tots (Three Spir8s)
Maklng of Charitabl8 grants
Edinburgh City Mission
Making of Charitable grants
Elswick Parish Church
Making of Charitable grants
Global Care
Making of Charitable grants
Helimission
Making of Charitsble grants
In20ut
Making of Charitsble grants
Junction 42 Foundation
Making of Charitable grants
Lert Sa Wat
Making of Charitable grants
Love Burundl
Maklng of Charitable grants
MAF
Making of Charitable grants
Mandritsara Hospital
Making of Charitable grants
Message Trust
Making of Charitable grants
Million Meal Miracle
Making of Charitable grants
Navajeevana
Making of Charitable grants
Beglnnlngs Charitable F
Making of Charitable grants
Safe Famili8s for Children
Making of Charltable grants
Scottish Bible Soclety
Making of Charitable grants
Scripture Union
Making of Charitable grants
Scripture Union {Scotland)
Making of Charitable grants
UCCF
Making of Charitable grants
Wellspring therapy and training Making of Charitable grants
Wheel Trust. Partick Schools, GIÉ Making of Charitable grants
2,000
1,000
2.500
5.000
2.000
4.500
1,000
3,000
1.000
1,000
2,000
5,000
1.000
3.000
1.000
1,500
1,000
1.000
6.000
4.000
2,000
1.000
2.000
1,000
3,000
2,000
2.000
2.000
2.000
1.500
1.000
1,000
2,000
2.000
2.000
1.000
1,000
2,000
2.000
1,000
28,500
53.500
12

Tho Generation Trust
Notes to the Accounts
for the year ended 5 April 2024
8 Tanglblé fixod assets
Freehold
land and
buildings
Cost
At 6 Aprll 2023
Additions
519,414
225.000
744.414
At 5 April 2024
Dopreclatlon
At 6 April 2023
At 5 April 2024
Net book valu•
At 5 April 2024
At 5 April 2023
744,414
519.414
Historical cost of investrnent properties
542,445
9 Debtors
2024
2023
Other debtors
580
2,915
10 Creditors: amounts falllng du• withln one year
2024
2023
Accruals and deferred income
828
11 Reconclliation of net Incomel{exponditure) to net cash flow
from operating actlvltles
2024
2023
Net incomel(expenditure) for the reporting period (as per the
statement of financial activltles
Non cash donation
(Increase) I decrease in debtors
(Decrease) l increase in creditors
221,778
(225,000)
2,335
147.950
{171,535)
(2,600)
450
Net cash (used In ) I provlded by op8ratlng actlvltles
827
25.735
13

The Generation Trust
Notes to the Accounts
for the year ended 5 Aprll 2024
12 Trusto0s' r•muneratlon, expensos and donatlons
During the ￿ar.
No Trustees received any remuneration {2023: £NIL}.
£133 of travel expenses were reimbursed to four Trustees.
Mr M Rustad donated a property valued at £225,000 to the Trust.
Yetholm Prop8rti8s received remuneration of £4.529 (2023: £2.733).
The properties are managed by Yetholm Propertles. a company controlled by Mr Rustad and his
family. The Commisslon has b88n negotiated at a discounted rate.
Pemitted by the Trust Deed of 26th October 1973
14